(as approved by the Board of Directors in its meeting held on 28 Aug 2006)

a.

The Applicant must be organized and domiciled, and its operations based in Asia.

b.

It must be duly accredited as a credit rating agency by the duly established regulatory authorities in the country of domicile. If there is no regulatory authority, the board will decide whether to waive this requirement or not.

c.

It has been in operation for at least one year with a full-time staff of analysts orhas assigned credit ratings to at least 5
accounts/entities, whichever comes first.